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Canadian debt levels 'disappointing': ING CEO

It's the never-ending question: is Canada in a housing bubble or not? Peter Aceto, President and CEO of ING Direct Canada and the seventh largest originator of mortgages in the country, has an inside look at whether home prices are now irrationally exuberant.

"No I don't think we have a bubble like the one we saw in the U.S., but we do have some issues -- it's more of a British Columbia and Ontario issue," he tells BNN.

Of more concern to Aceto is Canadians' decade-long love affair with debt.

"It's disappointing to see our use of credit in this country," he says. "In the last five, six or 10 years our savings rates have gone down and our debt rates have gone up and we're starting to look a little bit like our American friends."

His word of caution for Canadians: "don't take on more debt than you absolutely need." CTV Two CTV News CTV News Channel BNN - Business News Network CP24